Arbitrage Definition In Real Estate In New York
Category:
State:
Multi-State
Control #:
US-00416-1
Format:
Word;
Rich Text
Instant download
Description
The Arbitration Agreement outlines the terms under which disputes related to the purchase of a manufactured home must be resolved through binding arbitration, specifically in the context of real estate arbitrage in New York. This agreement is executed at the same time as an installment or sales contract and is governed by the Federal Arbitration Act. It is essential for attorneys, partners, owners, associates, paralegals, and legal assistants to understand that all claims arising from the contract, including financing and occupancy issues, are subject to arbitration through the American Arbitration Association. The document emphasizes that disputes can be arbitrated by a single arbitrator for claims under twenty thousand dollars or by a panel of three for larger claims. Important filling instructions include sending notice of intention to arbitrate to the appropriate parties and designating the relevant details about the dispute. Users are advised that by signing this agreement, they waive their right to a jury trial. This document is particularly useful for legal professionals as it clarifies the arbitration process, sets forth clear protocols for dispute resolution, and ensures compliance with relevant laws.
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